Jaiz Bank secures licence to deliver Islamic banking

The Central Bank of Nigeria (CBN) has granted Jaiz Bank national license to operate Islamic non-interest banking in all the states of the federation.

Reporting to the Sultan of Sokoto (who is the head of all Muslims in Nigeria) on the activities of the bank and other corporate members of the bank in Abuja yesterday, the chairman of Jaiz Bank Alhaji Umaru Abdul Mutallab said the CBN granted the bank the license on Friday.

Abdul Mutallab thereafter told reporters that the bank intends to roll out in all the 36 states and the Federal Capital Territory (FCT) in two or three months times.

The Sultan, Alhaji Sa’ad Abubarkar III was also informed that Jaiz Charity and Development Foundation which operates independently of the bank has been very active in supporting Internally Displaced Persons (IDPs) and victims of disasters.

To enhance the revenue base of the Charity Foundation, the Sultan was informed that the foundation has set up the Takaful Islamic insurance company which has been granted insurance operating license to start Islamic Insurance in Nigeria.

The alms component of the Jaiz group Abdul Mutallab told the Sultan, will cover the whole country, and appealed to the Sultan for his support, cooperation and guidance, pledging to keep the monarch and spiritual leader regularly informed of the activities of the group as the head of the Muslim community in Nigeria.

Responding, Sultan Abubarkar III congratulated Jaiz bank for finally securing a national license to operate an Islamic non-interest bank in the country. The Sultan admonished the bank by stating that the ball is now in the bank’s court.

The Sultan warned that “being an Islamic bank whatever Jaiz bank does must conform with the rules and regulations of Islam. The challenge to Jaiz Bank is that the real problem starts now”

The Sultan urged the Jaiz group to feel free and reach out to the all the Islamic bodies in the country for guidance stressing that if they see anything the bank is doing that is not in conformity with the dictates of Islam, the Islamic bodies will also reach out to the bank.

Islamic banking, the Sultan said is not just for Muslims but for everybody, adding that it is gaining traction all over the world.

Islamic banking is a new area in which professionals apply modern Economics by taking cognizance of Islamic ethics on business, insurance, partnership etc. The management of Jaiz bank should try and engage consultants that are well grounded in Islamic Economics. They have to select their consultants carefully. The fact that a person got a degree in Sharia from a university in Madina, Sudan etc does not give him an automatic qualification. Malaysia, Qatar and Britain are ahead of other countries in Islamic banking. So, experts from the stated countries who are well exposed in the business of Islamic compliant services should be given priority. Nigerian Islamic Scholars who are willing to serve on the board of an Islamic bank should try and get at least a diploma in Islamic Economics. If you don’t understand the complexity of the present Jahiliyah, it would very difficult for you to provide an Islamic alternative.

47Code

Thank you my Brother for your valuable Comment. Hanzmilla in Collaboration with Safe Hands Management Consultancy and some of the best institutions in Islamic Banking in Dubai and Malaysia are willing to provide the platform and support to help equip and train personnel in Islamic Banking in Nigeria.
We have been committed to these goal and Nigeria as a Nation is long overdue for this Bank. We welcome this Bank and we wish to contribute our valuable quota to the development and growth of this Bank.

New Nigerian

This is good development indeed. May the roll out be successful.

meniru

ICHEOKU says the islamization of Nigeria is steadily and surely inching forward; one agenda after another. Meanwhile christians and their pastors are busy seeing visions and prophesying prosperity on a pay per vision basis called tithing; while Muslims are deftly driving the ball of encircling the country forward. Before you know it, everyone will be going for a no interest loan, thereby, eventually forcing conventional banks to shutter. But hey,……

llb

Please encourage Pastors and Clergy men in Nigeria to float their own Bank in line with the teachings of Christianity so Nigeria will not be Islamized and Conventional banks will not be drove out of Business.

Maazi Onyeka Onyeachonam Onu

Many are the plans in a man’
s heart but only the purpose of the Lord shall prevail.

Isa mutunci

Congratulations to Ja’iz Bank. It is heart warming that in just three years it has gotten promotion to a National banking operator from a regional one with just about three branches at take off. I enjoin the bank to continue to exhibit professionalism and diligence like in the last three years. Most importantly by sticking to the islaamic finance rules governing Interest-free (Islaamic) banking as the Sultaan of Sokoto admonished. By so doing, Allaah willing, it will reach the top-most position in commercial banking in Nigeria in the next few years. At the same time i implore on Muslims and our Christian compatriots to patronize the bank’s products and see the difference from those of the conventional banks. The Islamic Bank of Britain is a shining example to the fact that Islamic banking is the best alternative for all not Muslims alone. This is because of its humane nature on the basis of non cheating amongst the human race in trade and commerce specifically and in all human endeavours generally. Keep the flag flying, Ja’iz Bank. I am proud of you.